tv The Intelligence Report With Trish Regan FOX Business August 27, 2015 2:00pm-3:01pm EDT
liz claman, watch here 3:00 this afternoon. emac all over the etf story. read it on foxbusiness.com. we love emac. we'll talk about it tomorrow, right here, right now, trish regan. trish: dagen, thank you so much. welcome to "the intelligence report." we have a big rally underway, we're near final 120 minutes of trading. dow is up 363 points. s&p up 46. nasdaq, 109. within the next 120 minutes things could change a lot to the upside or the downside. we have another rally underway. this one happening in south carolina for donald trump. he just answered questions with the press there in greenville. we have all the analysis. he spoke to a group of about 1400 people that had come in through the chamber of commerce. they paid money to come in and see him. he sold tickets. he spoke really off-the-cuff there. no prompter.
no script. promising he would make america great again. you hear the twisted sister in the background? ♪ we're not going to take it, right? >> we'll make this country so strong, so powerful and so wonderful, and you will be so proud of it. like the people that fought me, they seem to be gone. when countries fight us, without fighting, we're going to beat them. we'll beat them at trade. we'll have the best military. we'll have the best of everything. we are going to be so proud, if i am president you're going to be so proud of our country, you will be the happiest people. trish: you will be the happiest people. he almost sounds a little bit evangelical, really trying to inspire people, to inspire voters. this seems to be what they are responding to. i would like to get full analysis here with radio host chris hahn, former advisor to
new york senator chuck schumer. reaction also from ford o'connell, former advisor to mitt romney. and also, i'm joined by our very own eric bolling here on set. this is guy who has 30% of the vote in south carolina right now. how did he shoot up so fast? >> he is saying things that are resonating. if you listen to his press conferences. people will ask questions, want specifics. he will say i don't want to talk about right now. press accepts it. people who love donald trump accept it. i'm not sure they would have the same form of acceptance were it jeb bush or marco rubio or rand paul. rand paul had some very interesting tax ideas and opened those up. he said fair tax, and they were specific and didn't let him down. whatever he is doing is resonating with the general population. trish: look, we'll be the best. we are the best. we're going to recreate what
america once was. and, ford, people want that, he talks about the silent majority out there. there are a lot of people in america felt disenpaged from the political process. it is washington. just a bunch of politicians. no one can really make a difference. he is promising he is the guy that can. >> absolutely. he is portraying himself as passionate fighter, pushing national listic and populace message. people like he is sticking it to politicians and answers off-the-cuff. he is not in substance but giving people to people a reason to believe. trish: he is beating everyone else and no one stands a chance against him. what he said about jeb bush a couple moments ago. listen to. >> jeb bush, i keep using him, i thought he was the guy who had to beat. he is mired down. he is going down fast.
i don't even know who is second. a poll came out today, actually dr. carson is second. i can't hit him. he is no nice to him. i can not hit him. ted cruz, senator cruz has been so nice to me, i can't hit him. i may have to hit him if he starts getting really close. trish: the guy has a sense of humor. you know, chris, i know you're no fan of his but he is plugging into something. >> hold on a minute. i'm a huge fan of his. i think he is probably best performance artist i have ever seen in my life. and i got to say something. i think if this keeps up he is going to be the republican nominee. guys like ford who are institutional republicans should be very, very concerned about that because he is going to destroy the republican party as we know it because what he stands for is not quite clear. and when you talk about how he doesn't get bogged down into specifics look, american people don't get bogged down into specifics until very end of these campaigns. he is very likely if this
continues -- >> chris, wait a minute. >> he will be nominee. >> let me say one thing, he is arrogant and confident. i'm neutral in this crapshoot. >> right. >> at end of the day it is sort of positive confidence. people want alpha male. here is the deal. no longer a shiny object for media. he is in fact a credible candidate to wint republican nomination regardless what you -- >> no argument. no argument from me. he is getting better. trish: you don't think he would win the whole thing. eric bolling some of the polling numbers suggest more and more americans nationally are responding to him. could he actually get it? >> so a lot of pushback in the establishment crew over the last eight weeks, only been candidate for eight weeks. feels like two years he has been a candidate. for eight weeks has been up against one-on-one against hillary clinton he had been lacking, let's say jeb bush or marco rubio had been polling better against hillary clinton. well he is moving up on that poll. the reason is he is genuine.
i have known donald trump for 15 years. i've been on the celebrity app prentice show. he is same guy he is doing in south carolina on the stage today. he is genuine. he is saying things -- as ford and chris hahn he is not always politically correct. you can't really nail him down. he said something about tax structure. said he would want to raise taxes on himself. some of the things that we on the right have pushed against, vehemently for 15 years, he is taking on full frontal and no one is really taking it against him. trish: in other words, he is not out there asking for money. so he doesn't have to be beholden to lobbyists and to certain groups. you talk about him being authentic, some people have, and i just have to share this with you, because it is funny, some people wondered about his hair and how authentic that is. he had a response. watch this. >> i don't wear a toupee. it is my hair!
i swear! [cheering] come here. come here. you have to do an inspection. this is getting crazy. this is crazy. real quick, we don't want to mess it up too, i do use hairspray. some, come. it is mind? >> it is. >> say it, please. >> yes, i believe it is. >> thank you. trish: eric, is it really -- >> trish, you and i sat down with donald trump. i never run my fingers through his hair, that i put money on it is legit hair. people talking about donald trump, his kids adore him. if you had kids and your kids adore you the way ivanka, eric, jr., and donald, jr., adore him you're a winner. trish: these kids are class act. >> they are. trish: they have all gone to war an studied hard and done well. they all work. they don't have to, but there is certain work ethic clearly their family, mother and father --
>> while he is running for president, they're running trump brand and doing a great job of it so i understand. trish: getting back to this authenticity, chris, you say he is great candidate. eric just said, he is doing bert and better against hillary clinton. how does she, given that she is not seen as authentic, fight a candidate like trump? >> well, she comes in with ideas and specifics, something that donald trump doesn't have. when we start talking and focusing on specifics i think it will turn off a lot of people on the right which could lead real problem for him. he will not appeal to hillary clinton base. he may need to find center right person that may not traditionally be a republican. they want lower taxes and do different things with women's health with donald trump. he might be too progressive for the traditional conservative n the general election that comes
out clearly. with six teen candidates in the rate getting 30% of vote. that is very, very good. he might win the primary but i don't think that will carry him through november. trish: is donald trump talil ral. >> i don't think he is too liberal. he has to come out with substance. self-deprecating. hillary clinton has a problem and doesn't smile and looks like she is passing a stone. >> that is not nice. trish: boy. let's switch gears here, talk a little bit about who are ray ramos. this is the first time that donald trump since that whole ordeal the other night. he had some choice words for the anchor of univision who disrupted his press conference. listen to this. >> then all of sudden this guy gets up screaming at top of his lungs. it was unfair to the other reporters. most of them have reported that. and i said, listen you will have to stop because i haven't called on you yet. he wouldn't stop. it wasn't questions. he was making statements.
you all saw it. the people -- the problem is, media doesn't cover that way. front page of "new york times" i erupted. i never erupted. i didn't raise my voice. trish: he didn't really erupt. i watched it in live time. jorge ramos did stand up and, insisted on continuing to talk despite the fact that he hadn't been called on. and donald trump was pretty calm about it. he just had his security escort him out. did the media mischaracterize some of this? >> i'm not sure the media has characterized it consistently. different media personality took it differently. i watched this thing as well live. i saw donald trump talk to carl cameron first. he went to an abc reporter if i'm not mistaken second. just as that happened mr. ramos, who is extremely respected journalist in america. there is no question. nothing to take away from jorge ramos. i was frankly -- trish: opinionated journalist.
>> he kept coming back. it was very awkward to see journalist said i will get to you in minute, stop. kept going. i don't know if any other candidate -- tell you what, i think hillary clinton would have handled it the same way. she would have him removed also because you can't disrupt 50 or 60 journalists press conference that way a say it is your show. you have to control it. trish: this is quote may have certain extent taken out of contest. he said go back to univision, interpreted some people, certainly a lot of members of liberal media somehow anti-hispanic, go back to univision. >> i mean donald trump is hitting on an area, with the hispanic community, with the wall of mexico. they're going to pay for it. he had a big problem with univision earlier on with various brands that they were dealing with together. and nbc, if i'm not mistaken had at one point deal with univision if not owned by same parent
company. trish: yes. >> there is history going on. i understand he is coming from, he used words, donald trump gets away with the words, maybe either candidates would. trish: how big of a problem, chris, if he becomes the republican nominee if he doesn't get hispanic vote, does that really hurt him? >> you know, look, he doesn't have to get all of it but has to get some of it. what he did with jorge ramos, interpret it whatever way you want, how hispanic voters will interpret it in november in 2016 that will matter. this might actually help him with the gop base that feels he is tough on hispanic and latinos and not take any guff from anybody and goes to his brand. when which get to november, a 30 second commercial highlights saying go back to univision. will being on every spanish language television station across the nation. if he doesn't get 40, 45% of the latino voters. >> i disagree with that number. i think your number is
overblown. >> absolutely. >> needs to attract a certain percentage of hispanic community, which he may or may not do. but i don't even think 40% is relevant number for you. i think he can win with 25 or 30% of hispanic vote. >> let me say this a lot gets lost in translation with hispanic media. jorge ramos is huge celebrity among hispanic viewers. what i will say to trump, if he wins the nomination, is get a fluent-speaking hispanic as vp. hence marco rubio is best choice because you have to hit back on democratic ads, hit back on headlines. guess what? most hispanics pay attention to political news. watch espn deportos. >> that is solid advice, ford. >> thank you. trish: there is connection with cuban community and rest of hispanics. >> i agree with you, mexicans are most important group.
do you think jeb bush will be vp to donald trump? i will see that when pigs fly. >> hey, hey. george herbert walker bush was reagan's vp. they went at it against each other on real issues. george herbert walker bush was so hypocritical ronald reagan, he called it voodoo economics. he was solid political career. trish: pigs can fly. >> oh, yeah. trish: sit tight, everyone. we'll keep eye on markets. eric is still with me as we watch a triple point gain. huge rally. it could actually be the two biggest days, this back-to-back rally could make for two biggest day point gains in history. so, is it too late to get in on it? there are those who say, maybe it is overblown? we'll debate all of it right after this. stay tuned with more on "the intelligence report" right after this. ♪
trish: check it out everyone. green on the screen, although we come off the highs we saw earlier in the session. nonetheless if we hold on here, at least at current level, the dow is on track to post biggest two-day gain in history pointwise. fox business's ashley webster, live on new york city. he has senior strategist. "wall street journal's" paul vina, along with eric still with us. we have full on team coverage of a rally, wow in the last five seconds, we went up another 40 points as we watch the dow up 331. ashley, what is fueling all of this? >> well, tell you what, it is interesting. since the start of trading yesterday, trish, we have gained
almost 1000 points on the dow, up 331 today. the traders here seem to be a real rally, some conviction, maybe not just short-covering. as you can see most major averages up 2%. the big story today. oil, eric bolling would love to talk about this. oil up 10%, 52.53, thereabouts. that in turn brought energy sector. that is leading all names on the dow, chevron, exxon, conocophillips, all stocks gaining, 3, 4, 5%. certainly the energy sector leading the way. trish: eric, you've been concerned about oil for some time. given we're in global economy that is slowing, not a whole lot of demand. what do you make of this recent spike? >> so for better part of year, coming on taking a victory lap, fox business maria, stuart varney, $80, 70, 50 would be a bottom. we broke through 50. 35 was always number we threw
out there talked about. it bounced off $38 a barrel. i have been trading i don't do it anymore, but had been trading 18 years, when you make a spike bottom where oil spiked and bounced back 10% with a little rally yesterday and today, when you make a spike bottom less believable if a price does work. as trader you like to see level tested again. oil is always been the widow make ir. wouldn't be surprised to see another test of $35 area. rally off the base, those are times to jump in and buy oil. to jump in now after 10% rally would, in my opinion be a mistake. trish: paul, do we ever go back to the days of 60, 70, i mean, forget 100 at this point? what is your take on oil? >> as far as energy goes eventually it will find some kind of equal librium right? it will settle out, you will lose players and production,
where it goes up to very cyclical, the thing goes up and down over the years. interesting what you were saying about the energy market you can jump that over to the stock market. you had severely sharp drop in s&p, all indexes. now you're having big bounce, 1000 points on the dow, everyone is excited yesterday. third largest point close. trish: biggest back-to-back gains -- >> by percentages, yesterday's rally was 136th biggest gain ever. so, yes, it was a sharp rally, off an extremely sharp decline. that doesn't mean -- trish: talking about bigger numbers. percentages are smaller. want to go to my friend steve cortez, would you get in right now? >> no. i would not. as a matter of fact, good news you're right, biggest two-day rally ever, we're back to prices where we traded last week. essentially we have more than
1000-point range on dow jones of the as if this week never happened. we were back to prices last friday. i think this is time to be defensive. if you were scared as investor and scared and checking your account a lot this week you have a reset chance now to get defensive. i think that is what you should do. this rally has been all about the fed. why oil is rallying as well. all because the fed will punt in september and markets loves that. trish: they have had an opportunity for a while. >> yeah. trish: i totally agree with you. eric, you have a federal reserve for six plus years has kept the spigot on and open. they will continue this very low, zero interest rate environment for the foreseeable future. they indicated bill dudley out basically saying as much just yesterday. we now know we don't have to worry about fed raising rates. game on, a big jump in the markets. >> can i throw something out there? the growth number was amazing. this is the difference between,
where i may disagree, oil needs to test another low, this might be different. when you see growth like this with low oil prices these are upsides for equities. if you're an investor, trader, hedge fund, a ceo, buying back their own stock, when you see growth numbers looking very solid, energy prices really, really helpful to the economy. these are the times you want to maybe take a chance and maybe buy some of your stock in. which pushes prices up. trish: paul, we got 3.7% revision on gdp today. >> wow. trish: wow, eric saying. do you believe in the u.s. growth story? is more than anemic 2% we've been seeing. can% turn into four, turn into five, surgeon into six? >> there are a lot of positive things going on in the u.s. economy and global economy. with we saw in the last week and selloff in the markets and a bounce-back, that comes from markets hating uncertainty. two big worries, what is going on in china and stock market,
what does that mean for the economy itself. and whether or not the fed will raise rates. we're starting to get signs as you mentioned fed will push off the rate rise. the fact that we've seen robust gdp coming out of the u.s., that confirms the fact that the global economy will continue to grow this year. trish: okay. >> even if china is stumbling it may not mean it for rest of the world. trish: steve, at some point the music stops. at some point the fed will get off zero. it will not happen in september. people still talking about december. i'm doubtful it will happen then. so does this rally just continue gaining momentum until the fed says, all right, we got to move? >> you know i don't think so. by the way i agree with you, i think the fed is not going in september and not goings to spoil santa claus in december. now long-term we need profit growth that comes from economy
that is growing real strongly globally. u.s. is doing well relative to the rest of the world. the rest of world is in a real problem. we'll not see bottom-line growth to get equities higher. enjoy this rally. trish: enjoy it, everyone. we'll continue watching it here, market powering higher. could be his tore rick with more coverage and --
. trish: okay. check this out, everyone. breaking news. you may have heard me earlier quoting the market, it's in part because i was looking at the big board and they don't have it right. they are stuck right now at 331 there on the new york stock exchange. can we show some video there? so, folks, 331 is the level nonetheless the market not trading at that specific -- what is it up right now? 231 according to thompson. so what is going on, ashley webster on the floor.
>> yeah. let me just say right off the bat it's the trading that's finites the big board from thompson i'm being told it's an issue with thompson's feed and its frozen the screen and the big board. its been like this for probably the last eight minutes as you've been showing. the dow up 221 but the big board showing right now up 331. so the traders here who have the thompson system, they're looking at a frozen screen. but other than in a, the trading is going through fine. it's just some glitch. you can see there it has not moved for the last i would say eight probably nine minutes now. so they're working. the first thing someone ran by and said whatever you do, don't quote the big board, it's wrong. so we'll see how long it takes them to sort it out, trish. trish: all right. thank you so much. we'll continue watching for that and see if they can get that fixed. let's turn to oil right now because as we told you earlier it is absolutely surging today. gas prices, they are, however,
falling. dropping two cents overnight. adam shapiro is in new jersey to explain why it all dissected. >> and a lot of people are enjoying the fact that gas prices have been falling. they've been following up and down but mostly down for a good part of the year. let me show you why. the average driver in the united states was spending $3.43 a gallon on nationwide unlet the. today 2.53 cents a gallon on average. but look behind me, new jersey, which has the lowest gas taxes in the country. 1.89 cents a gallon and 1.97 if you pay with credit. and we caught this man filling up earlier here in ramsey, new jersey, dancing a little bit in excitement that he's paying $2 a gallon of gas and a lot of people may be paying close to $2 by the end of the year. expects the average price of gallon will be 2.15 in december and the average price last year was $3. over the course of 2015,
consumers have saved anywhere from 30 to $80 billion because of cheaper gas compared the previous year. and a lot of consumers they say will use that money to increase spending, at restaurants, especially as we go into the holiday season. but at restaurants and at retail outlets, just clothing alone is expected to see a 1.8 to $2.4 billion bump in the fourth quarter consumer spending. trish: thank you so much. adam shapiro, again, we're watching a market that is up about 220 points right now. and we're also talking about a lot of politics. you've got six months of -- well, outrage from hillary clinton and now suddenly she changes her tone. what's going on? why is hillary clinton now backpedaling on her personal e-mail server? we'll explain technology empowers us to achieve more.
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trish: after nearly six months of denials and outrage and a recent attempt at a stand-up comedy routine -- >> by the way, you may have seen that i recently launched a snapchat account. [cheers and applause] >> i love it. i love it. those messages disappear all by themselves. [laughter] . trish: she may want to leave that act to john stuart. anyway hillary clinton is finally changing her tone believe it or not when it
comes to all these e-mail scandals. listen to this. >> my use of personal e-mail was allowed by the state department. it clearly wasn't the best choice. i should have used two e-mails, one personal, one for work. and i take responsibility for that decision. . trish: so she admits she should have used two e-mails, and she does take responsibility for this. so what does that mean and why is she changing her tune? fox news ed henry with the campaign he was one of the target of one of her recent jokes about the server. as you know, ed, what's your take on this? why is she changing how she's reacting to all of this? why is she taking it more seriously now? >> well, trish, because she's been cratering in the polls. to be clear and fair to her, she's still strong in the polls in terms of being the
democratic front runner, but her numbers have come down a little bit in the horse race. more importantly you've got this poll out today saying whether or not she's honest and trustworthy, 69% "no," and the majority of the polls said liar, that was the biggest number they came up with. the word liar. that was a problem with her obviously, and i want to take you a little bit behind the scenes of what that last comment you played from her yesterday. she didn't call on me like she did last week and las vegas about wiping the server with a towel that is you say fell flat, even among some of her allies. yesterday when she was readingly those comments about i take responsibility, you may have noticed she was looking down. for the first time in a news conference, she certainly do this in las vegas where she went more off script. she was reading yesterday in iowa from a binder, which clearly had some sort of notes, talking points -- it's not like the first politician to ever do that, hillary clinton. but the fact that she's being
careful with every word because those jokes you played, snapchat, the back and forth with me and vegas last week, it fell flat for her. she's got to turn the page here but eye got to tell you there's an enthusiasm gap and we're here in cleveland and on this campus she basically had about 2,500 people at case western reserve and that's a very small crowd. think of bernie sanders, 20,000 people on the democratic side. donald trump at 29,000 people or so in that rally in alabama. so she has an enthusiasm problem at battlegrounds like right here in iowa. she's got a lot of work to do with joe biden eyeing this race. trish: she definitely does, joe biden eyeing it and i do want to break everyone on the breaking news on oil. oil seeing the best day its had in six years, folks, ending the day up. it looks like it's settling up about 10% there. $24.27 a barrel. now, this is interesting.
this is interesting in part because keep in mind, oil is priced in dollars. and if the fed is promising that it's not going to raise rates, well, then one would think that would have a negative effect in terms of our currency. that would mean we would move to depreciate our currency sum. everyone would be worried that janet company would be raised by a quarter point in september. now that's clearly a -- being indicated that it's not the case that's one of the reasons why you're seeing the market rally and also we're seeing of course oil rally maybe in part because people are going to assume we have a stronger dollar on the a. it's also just the reality that once something gets that low, traders start to come in, and you see them react to it. anyway oil closing out at the best level its seen -- or the best closing price move there roughly 10% in six years.
back to politics right now because if you're wondering why hillary clinton is changing her tone, well, i've got two words for you. joe biden. the vice president is becoming a very serious threat to the clinton camp. he's rising in the polls for the nomination. he's going the biggest favorability ratings of any candidate right now, democratic or republican, with the potentially three times candidates going 48% among all voters. so how would he actually play in a general election against the likes of trump and bush? well, blake berman is in dc with the very latest on that. blake, joe biden for president? >> possibly. he's certainly giving it a lot of thought, trish, the upward polling trend for joe biden continues as everyone wondering if about indeed the vice president running for president. and you just heard henry reference it. undeclared biden beats three of the top poll gop candidates. you can see they're in a heads
up match up with donald trump, jeb bush, and marco rubio, biden wants by six points but you can see those numbers are better how hillary clinton polls against those same republicans. now, clinton does have a lead in the hypothesis democratic primary but her 45% is a drop of 10 points, trish in just the last month. biden's percentage there, which is actually 18 is the highest that he's ever had for this election cycle and as we know he hasn't even announced his intentions yet. we can tell you yesterday on a call with some democrats that he's not sure there's quote enough emotional fuel at this time. so we'll certainly what happens with biden here. he says he wants to make it decision by the end of the summer. so we'll see in a few weeks. trish: all right. it's going to make the whole hillary equation interesting right here. >> absolutely. trish: thank you so much, blake, i want to bring back chris and ford, we were talking about donald trump now we're talking hillary clinton.
you know, we've heard that he's annoyed that there's all this biden talk, is he? >> well, i don't know he's annoyed but i don't know how real it is. i heard that conference call with joe biden. he doesn't sound like a guy that's running for president and he's not like bernie sanders. bernie sanders is out there to push the party to the left. and if joe biden wants to run for the president -- i don't think there's a path for joe biden. all of the money, all of the -- >> actually i totally disagree with you, chris. hold on. all the money and all the talent is already committed to hillary clinton unless there's a catastrophic collapse in the polls, they're not going. trish: why do you disagree? >> because joe biden is the only democratic that can win this nomination, not all the money is tying, only 52 have committed to hillary clinton. can joe biden has to continue
demonstrate electability and get a backing from president obama with black voters. black voters are how hillary clinton wants to win if he can peel that back and get endorsement from elizabeth warren. trish: and he was just meeting with elizabeth. let me jump in the middle of this because i've got to play something for you, gentlemen. as much as someone might be getting excited about joe biden, let's say it, he tends to step in things from time to time. watch this. >> god rest your soul -- and your mom's still alive, has your dad passed? >> unchain wall street. they're going to put y'all back in chains. trish: so he may have a little donald trump in his there. i mean kind of just saying whatever he thinks whenever he thinks it.
>> yeah. and it makes him very authentic and genuine and frankly that's something hillary clinton's campaign right now can't buy and guess what? when you say the words joe biden, democrats like chris are scared because basically they're golden could implode with joe biden. he may have a chance. >> ford, i'm happy if joe biden is the nominee, i'm happy if hillary clinton is the nominee. i think either one of them will be a fine standard bear with the democratic party against the clown car that's on the other side. but what i'm saying to you right now is i don't see any difference between hillary clinton and joe biden on the issues, and joe biden is not a protest candidate. he's not -- >> that's where barack obama and elizabeth warren. remember hillary clinton support among blacks is wide, but it's not deep and joe biden can fix that, including the afl with richard -- trish: we know and, by the way, meeting with the afl-cio, they have not come out and supported a candidate just yet. so good to see you guys as always. thank you so much for your analysis and continue watching
the upside in this market right now as we look -- i have to look way over here because the big board is down. we are up right now two -- more than 200 points, 230, i'll see you right after this [announcer:] what if one stalk of broccoli could protect you from cancer? what if one push up could prevent heart disease? [man grunts] one wishful thinking, right? but there is one step you can take to help prevent another serious disease- pneumococcal pneumonia. one dose of the prevnar 13® vaccine
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there on the dow. we need to be up about what? 272 if we're going to get that historic back-to-back two-day gain. so we'll continue watching this. you know anything can happen, and we are getting into the final moments of trading. part of the reason for the upside, expectation that you know what? they're just not going to move come september on interest rates. the other for some of this upside. we got quite a nice revision on gdp. up 3.7% of this revision for the last quarter. and that's giving some people optimism. so, again, the markets powering higher, we are all over it. i'm going to be back in two. i'll see you right here
trish: again, breaking news, everyone, coming to you from the new york stock exchange because guess what? the big board is positively absolutely frozen, it froze within the last hour. liz claman is there on the floor of the new york stock exchange and, liz, what is going on? >> let me tell you, trish, this is specifically a thompson data issue. it is not a glitch here specifically at the new york stock exchange. however, if we put up the numbers of what the markets really trading at, you can see the dow jones industrial has come up -- back off the highs here. but when the board grows the
dow was up 331 points. now, right now we're up about 196. so what the traders are doing as their they're going to other inputs of data and information. we don't really know why this is happening, but we have to make sure that we get these numbers to the public correctly and, again, this is a thompson issues. but one trader did just walk by me and say, liz, there's what we're hearing to be a global issue of internet pipes between broker dealers, big clients, that's all he would say, that's all he would say but just something to keep an eye on right here. trish: we've got 69 minutes until the close of trading and seeing an interesting phenomenon yet again, the market trading up despite being down, and up 331 solar is this another case of people
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trish: okay. welcome back, everyone. we were just telling you about the problem me new york stock exchange. the big board is frozen. and since that news came forward, we've seen this market actually sell off about 130 points. we were up 331 just as it froze and now you can see looking at the screen there this is the data that's now coming into us. this is what is correct. we are up 197 there on the dow. we also saw a pretty big daily here for oil. oil seeing its best campaign in about six years.
trading up nearly 10%. joining me with reaction to this market news reaction to the big board being frozen and reaction to oil is chris,ci for bank of america wealth management division and dan, director for private wealth at the cme. out there where -- they are out there in the oil pits trading this oil which closed at such a high. i'm going to start with you first, though, chris as we look at this big board being frozen. does this make traders nervous? >> no question about it. the daily traders, it makes nervous and the weekly traders. not necessarily the people at home or certainly not the long-term investor. but if you're trying to make a market in a particular security that you happen to be making markets in, news flow is incredible important and the feel of the market is incredible important and when you don't have that because of some data issue or the freezing of pipes or something like that, it causes a little
bit more nerve-racking -- trish: a little bit -- so that could explain perhaps why we saw sort of a selloff here as we look at a market that's up now just 186 after having powered so much higher feathery session. >> it certainly can add to it. no question about it. it will add a little bit acceleration to whatever it was in general profit taking. particularly the president particularly after of yesterday's very large gain. trish: very large gain it was. you know, what do you think is really fueling all of this volatility, though, right now? lance, i'm going to go to you. why are we seeing such wild swings? >> well, again, a lot of it is if you look at the beginning of this year, we've seen a continuation of a detearings of advancers and decliners in the market and what we saw starting last week, really wednesday, thursday, friday of last week was kind of the culmination of all of this weakness that's been underneath the markets and once it accelerated to the downside and we tripped very important support on friday, it triggered all these
algorithms, high frequency trading programs, et cetera, on monday and basically wound up with a flash crash like we saw in 2010. now, the last couple of days have been a reflex of that, the opposite of it with a lot of short covering coming in to try to replace positions and having to cover shorts. and, by the way, we keep talking about this frozen dow jones, i keep thinking let it go song. i don't know why. trish: oh, that's such a good song and, you know, it helped disney so much. but, again, you're looking there -- i just want to point that out to the viewer. the big board which froze just within the last hour here and you can see people the market was up 331 and now we're getting the actual data, you can see we've been reporting the actual numbers all along, we're up 144. and so you're seeing some selling right now into these final moments. >> yeah. trish: of trading. dan, what is it that's making people so worried? >> well, you have a bit of nervousness out there when you're looking at a board that's showing 300 and you
can't get out. so i think what people are trying to square up right now to get out of positions that they're not sure of my going to be able to price accurately. we had a 600-point rally yesterday. for us to come off like this now is not a big surprise in my view. trish: not a big surprise. everybody agrees. but, you know, what? i think there's a big question about the overall direction of this market. in other words, one thing for a day or two to be up like this. but can it be sustained? do you go in if you've been on the sidelines right now? >> you should have your lists ready of high quality names that are not necessarily going to be dented at all from any type of activity that's going on in the emerging markets, particularly east asia, particularly klein. so you should be coming in right now. you should be rebalancing into under valued areas and the most tail sign to feel comfortable not just because we've been up today and yesterday, the comfort factor is volatility.
implied volatility over the next three months divided into the 30-day implied volatility is at a three-day -- trish: you're getting really technical on me but basically bottom line, folks, expect more volatility, we're going to have a wild ride over the next few years. lance, is that you agreeing with me? >> yeah. that's me. trish: dan, you're down there in the pits where we saw oil certainly have wild ride today. the biggest percentage gain we've seen for oil in six years. can we gleam any kind of optimism out of that trade? >> i'm most certain you can and the oil is not driving the trade. it's the economic fundamentals driving the oil. if you look at the numbers we've had the past two days, durable goods and gdp, you dissect them any way you want, that's what's going to drive our economy and the drive for gas. trish: well, i hope that continues. we did get a print on 3.7% on
gdp, that means our economy having been revised 3.7% growth. that's a big deal. i want to thank you, chris, lance, and dan for joining us as we watch that market. so much for that big, big rally. we're up now just 100 points. and liz claman is going to take it into the close. we'll see where we go from here, liz. >> trish, in the last 46 minutes of trade, we have lost some real gasoline to this market. take a look at the numbers. we are up just above 100 points where if he had been up 331 points earlier on the dow jones industrial. that's not happening right now. only the nasdaq right now all officially were out of correction mode earlier but only the nasdaq is now out of correction mode. today's move following yesterday's stunning rally where in the last hour, we saw the bear showing the dow, putting it much higher by more than 600 points. that move along, folks, we